News from Hill Country Payroll

SBA Provides an Update on Round Two Funding for the Paycheck Protection Program

May 3, 2020 6:25:11 PM / by Writ Baese

The Small Business Administration has released results from the first 5 days of the second round of PPP funding. Loan volume through the close of business on Friday, May 1st included the approval of $176 billion through 2.21 million loans.

With $310 billion in funding, the second round of loans has $134 billion or 43% of the allocation still available to small businesses.

The average loan value for round 2 is currently $79,000, a decrease of $127,000 from the first round average loan value of $206,000.

 

HCP provides the information in this blog for general guidance only. The content does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other advisers. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied.

Tags: COVID 19

Writ Baese

Written by Writ Baese

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